GFL Environmental Inc. Achieves Record Q3 2024 Results
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GFL Environmental Inc. Achieves Record Q3 2024 Results

Gfl Environmental Inc ( (GFL) ) has released its Q3 earnings. Here is a breakdown of the information Gfl Environmental Inc presented to its investors.

GFL Environmental Inc., a leading North American environmental services company, specializes in solid waste management, liquid waste management, and soil remediation services. The company recently reported its third-quarter results for 2024, highlighting a significant increase in financial performance metrics.

During the third quarter of 2024, GFL achieved an adjusted EBITDA margin of 31.1%, the highest in its history, and an 18% increase in adjusted EBITDA compared to the previous year. The company’s net leverage ratio improved to the lowest level ever recorded at 4.05x. GFL’s revenue grew by 9.3% excluding divestitures, and net income surged to $110.6 million from $18.3 million in Q3 2023.

Key strategic announcements include the ongoing sale process of the Environmental Services business, expected to generate at least $6 billion in net proceeds. The company plans to use these proceeds to repay $3.5 billion in debt, with remaining funds allocated for share buybacks and corporate purposes. Additionally, GFL completed acquisitions contributing approximately $115 million in annualized revenue.

Looking forward, GFL remains confident in achieving its 2024 capital allocation targets and anticipates continued margin expansion and growth into 2025. The company also announced a leadership transition with Billy Soffera set to take over as Chief Operating Officer in 2025, ensuring a seamless continuity in its operational strategy.

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